Tutor Perini Corp. announced quarterly results Monday that exceeded Wall Street expectations on net income but fell short on revenue.
The Sylmar construction company reported net income of $30 million (61 cents a share) compared to $21.4 million (43 cents) for the same quarter a year ago. Revenue decreased 4.6 percent to $1.25 billion.
Analysts who follow the company expected net income of 58 cents a share on revenue of $1.42 billion, according to Thomson Financial Network.
“Our backlog grew again this quarter as a result of the strong market demand,” Chairman Ronald Tutor said in a statement. “This, combined with the benefits we anticipate to come from the FAST Act, California’s SB1 transportation bill and several large voter-approved transportation funding measures, provides increased confidence in our outlook for growth and improved profitability. While our second quarter operating results did not meet our expectations, we are well positioned for improved results in the upcoming quarters.”
Tutor Perini (TPC) announced results after the market closed. Shares closed Monday down 10 cents or less than 1 percent to $26.15 on the New York Stock Exchange.